These last 2 weeks were label by total messy waves. For now only can wish less corrective combinations. Despite all alternative counts i prefer to count the beginning of this wave ii or b with the last higher high (1017). So i expect at least one week of correction until the 95x's.
Yes my primary count was wrong. Despite this i still have doudts were wave i or A finished.
P.S. Similar count for SPX.
If my primary count for SPX and DAX is correct today we must have a rally to do the wave "iii" of "v" of "i" or "a".
Today i had some time to recount this wave "i" or "a" and done some adaptations on PH wave count (thanks my friend). The alternative counts were showed last night: http://elliottmarketwaves.blogspot.com/2009/08/spx-daily-update_10.html (option 3 died).
P.S. My preferential alternative count order is: option 2; option 4 and at last option 1.
Some trend lines and resistence/support areas to control.
At short time the waves still messy and for now i will count this downside as abc correction.
Hello friends.
In complement of my friend's work i will leave my view of the markets.
Fridays movement was an impulse up (and some correction) and that make me suspect that this market has a little bit more to go. We can't be correcting impulsing up, we just can´t. In my charts in try to justify this sentence in Friday's weakest of the indicies, the Nasdaq.
In resume I believe that we can go higher in direction of 1040/1050 on SPX and that we can be developing an extended blue wave 5. If we start correcting... oh well, a new count is always possible even against the probabilities. Can´t wait for Monday :)
Best to your trading.
PH
This weekend didn't have time to do what i propose but i what to show some different counts for possible discussion in the comments. For now i prefer the options 3 and 4.
These waves make me crasy but for now i need some rest. During the weekend i will show some alternative counts of my last update.
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